How much is enough for retirement in Singapore?
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lee_yl\" post_id=\"1936838\" time=\"1569305809\" user_id=\"17023:
I dont mind downgrade or go back hdb..actually now I still like living in hdb..
My thinking may change in 20 years’ time but right now, I do not wish to imagine myself downgrading to a 3-room flat or 2-room rental flat and that I have to spend my golden years there till I pass on!!doodbug\" post_id=\"1936779\" time=\"1569291642\" user_id=\"13281:
I am impressed at how prudent KSP mommies are here, and how much thought goes into financial planning. Generally we live within our means (no credit card debts, no car loans, only housing loans), but we don't set any specific/deliberate savings targets (hence that's probably why we haven't saved up much), just a general contingent fund. In terms of retirement, all we have planned is to buy the max CPFLife, and haven't thought much beyond that. I guess we better start somewhere......ok I guess one option is to downgrade property if need to free up cash.
Else if I sit inside the 2-room flat and look out of the window, I will ask myself what have I been doing my whole life.
Our Matrimonial home has been fully paid up (cos we opted for an aggressive payment schedule) and we recently retired our old family car of 13years+. The new family car was purchased (fully paid up) and in doing so, we saved almost $20K in projected car loan interest.
read again..leeyl you talking on 2rm rental flat arh..wont happen la.. frankly speaking rental flat I also dont want..can be complicated hor the environment I guess. -
I think 2 room rental flat, not so easy to qualify for…
generally I think if one can afford to buy a 3 or 4 room flat, you may not be able to get a 2 room rental flat.
Some HDB flats are very well located, with amenities all downstairs - I will appreciate the convenience when I’m older.
Planning, planning, options, options… -
MrsKiasu\" post_id=\"1936840\" time=\"1569305989\" user_id=\"43981:
Initially, I used a supplementary credit card from hubby. Subsequently he questioned me a few times over big purchases like signing up for facial treatments (funny thing is, he was the one who insisted women must take care of their appearances!). Then I decided I have enough of his nonsense and I asked for one lump sum in CASH instead and I returned him his supplementary credit card.
we dont have a fixed allowance kinda thing or a line drawn you pay or I pay..I transfer from accts and when dh receives msg of me transferring from the acct he will top up and tell me that he has transferred some money into the bank and I can use.lee_yl\" post_id=\"1936834\" time=\"1569305551\" user_id=\"17023:
After Hercules mentioned about saving 50% of the salary, ehh, then I realized I sort of managed to achieve that leh (starting this year).
DH confirms that I only spend ard 1/3 of the monthly household allowance he gives me. Basically I am in charge of paying for groceries, myself and the kids stuff while Hubby is in charge of all other household expenditure, e.g. water/electricity bills
I love this arrangement. He doesn’t probe what I buy now. For the past decade I never ask for a single cent more (coz I have lots left over) and since the allowance is “mine”, I think twice before I spend, unlike when swiping his card. -
lee_yl\" post_id=\"1936849\" time=\"1569308006\" user_id=\"17023:
Initially, I used a supplementary credit card from hubby. Subsequently he questioned me a few times over big purchases like signing up for facial treatments (funny thing is, he was the one who insisted women must take care of their appearances!). Then I decided I have enough of his nonsense and I asked for one lump sum in CASH instead and I returned him his supplementary credit card.
we dont have a fixed allowance kinda thing or a line drawn you pay or I pay..I transfer from accts and when dh receives msg of me transferring from the acct he will top up and tell me that he has transferred some money into the bank and I can use.MrsKiasu\" post_id=\"1936840\" time=\"1569305989\" user_id=\"43981:
[quote=lee_yl post_id=1936834 time=1569305551 user_id=17023]
After Hercules mentioned about saving 50% of the salary, ehh, then I realized I sort of managed to achieve that leh (starting this year).
DH confirms that I only spend ard 1/3 of the monthly household allowance he gives me. Basically I am in charge of paying for groceries, myself and the kids stuff while Hubby is in charge of all other household expenditure, e.g. water/electricity bills
I love this arrangement. He doesn’t probe what I buy now. For the past decade I never ask for a single cent more (coz I have lots left over) and since the allowance is “mine”, I think twice before I spend, unlike when swiping his card.[/quote]wait yr dh says I ask/question only mah...never say ask you not to use
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doodbug\" post_id=\"1936848\" time=\"1569307288\" user_id=\"13281:
eg around amk hub..very convenient, have almost everything.
I think 2 room rental flat, not so easy to qualify for....
generally I think if one can afford to buy a 3 or 4 room flat, you may not be able to get a 2 room rental flat.
Some HDB flats are very well located, with amenities all downstairs - I will appreciate the convenience when I'm older.
Planning, planning, options, options..... -
lee_yl\" post_id=\"1936765\" time=\"1569287148\" user_id=\"17023:
How do you guys save 50% of income?! My number 3 is doing PSLE this year. His tuition alone is $1.7k a month. Number 4 soon. Family food expenses is almost $3k a month. Eat in weekdays. Eat out weekends. Mostly hawker bec I love hawker food. Haven't count kids expenses, insurances, car expenses (lao pok car, no loan), personal expenses etc. Everything v expensive nowadays. My elder 2 girls just robbed me of EXO concert tickets this month. I'd be happy to just balance the monthly budget lor.... :gloomy:
Actually I just realized that I do save at least 50% of the household expenses! Especially starting from this year. Used to have one big chunk of the household expenses going towards tuition but now after the kids are done w PSLE, our tuition expenses drop drastically.lee_yl\" post_id=\"1935960\" time=\"1568868246\" user_id=\"1702:
I can save 50% of my salary, no problem but that’s before kids come along.
Of course, those days when I could consistently save more than 50% was before the kids came along. -
tye, u have bundles of joy(s) to support mah . u will reap benefits when they grow adults … must wait longer too … next generation life is not easy to save up.
cut tuition to more down to earth rates.
Just balance monthly budget is risky - wat if one party becomes jobless … -
1.7k per child tuition, you have 4 kids, tyeogh…you actually rich lei. I just calculated agar ahar la…dd1 600/mth and dd2 700+/mth coz dd2 has music/dance…based on 4wks.
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Well I have 1/2 the number of kids you will have.
Tuition for DD and DS was limited to only Chinese when they were in Pr school. For DD Math as well when she was in P5/6. So tuition per month for both of them adds up to less than $1000. Sec school no more tuition. They are on their own.
DD went to the BTS concert this year. That is on her own expense. She used her savings. She went for Halloween Horror Night last year and wants to go again this year. This will also be out of her own savings. No money no go.
We are a dual income family so that helps a lot. -
Was hoping to cut tuition when DD1 in Sec. But she need help in maths and one of the sciences. DD2 only P1. But I kiasu and give tuition. I treat as investment la. Total damage per mth almost $1,200. Can pay for a condo mortgage. 😭
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